This is a rush transcript from "The Five," August 22, 2011. This copy may not be in its final form and may be updated.
ERIC BOLLING, CO-HOST: The American economy on the verge of falling back to recession. Frustration with politics as usual in D.C. is heating up. The right blaming wasted taxpayer money and a redistribution of wealth agenda emanating from the White House, and the left blaming the Tea Party for holding up the process.
(BEGIN VIDEO CLIP)
REP. MAXINE WATERS, D-CALIF.: I am not afraid of the big bad Wolf. I'm not afraid of anybody. This is a tough game. You can't be intimidated, you can't be frightened, and as far as I'm concerned, the Tea Party can go straight to hell.
(END VIDEO CLIP)
BOLLING: Way to keep it classy, Congresswoman.
Bob, the vitriol, the rhetoric has stepped up. What do you think of this?
BOB BECKEL, CO-HOST: First of all, I said something close to that as well. But I suggest to Maxine what I have known for a long time that all of us should step back a little bit. And to suggest somebody go to hell or saying we want to beat the hell out of them, it's probably better if we refer to who they are. They are Tea Party people, let's take them on and let's do battle at the polling booth.
And the other thing, though, for those of us on the left, the Tea Party does represent an attack on all things we care about. You may not agree with them, you obviously don't, but for us they represent the worst of the worst. So instead of us yelling like we do, I take my own hit on this, let's go beat them. And we can beat them.
GREG GUTFELD, CO-HOST: I want to defend her. She was actually inviting when she said, "go to hell" she was inviting them to her district.
I want to say something she has every right to be -- you like that, Bob. She has every right to be threatened because the Tea Party represents something to take away her power. If they are in hell, she is the protector of hell, protector of entitlements that keep blacks in the underclass.
KIMBERLY GUILFOYLE, CO-HOST: She is kind of known for this, very bombastic rhetoric. This is how she gets it going. She stirs the pot, and she loves it. She is yes like run me all day on Fox News. She likes to make these attacks. And by the way, she intimidates everybody.
BECKEL: I can relate to that.
BOLLING: I want to go to you in a second, but Bob, what is it about the Tea Party that has the left so up in arms, so fearful, scared, that they have to resort to name-calling, terrorists, go to hell?
BECKEL: I think first of all those of us on the left overstated their influence, number one. We give them credit for bringing this ridiculous notion about deficits to the forefront when it doesn't matter. But we lost that debate. We lost the debate. But now they're trying to cut programs that to us are sacrosanct. If they are going to cut those programs, that's war. We'll go to war with them.
BOLLING: Dana, what about the class warfare that seems to be, I don't know, emanating from the White House? Is it only the White House or is it the right, too?
DANA PERINO, CO-HOST: In-civil talk like that has made me very uncomfortable. I try to keep myself in check. Imagine if someone said that the Congressional Black Caucus could go straight to wherever.
GUTFELD: I like that you won't say it.
PERINO: I would never say it. And if I heard someone in my own party say it, I would call them out on it, too. And one of the things that President Obama has a problem with, I think, is that he on paper sometimes says that he wants to have more cooperation, less class warfare, less partisanship. And then they don't call people out for saying things like this.
And what you have now is not just class warfare in between the classes but interclass warfare, which we wanted to get to, because Kimberly -- the billionaires versus billionaires. We had Warren Buffett last week in the New York Times Harvey Golub and the Koch brothers versus Buffett and Obama, questioning what is fair, what is your fair share? And if you are going to take more of our money could you spend it wisely?
BOLLING: We have Harvey's quote. Put it on the full screen? "Before you ask me for more tax money from me and others, raise the $2.2 trillion you already collect each year more fairly and spend it more wisely. Then you will need less of my money."
GUILFOYLE: Doesn't that sound like it makes perfect sense.
BECKEL: Wrong, Harvey.
GUILFOYLE: Bob. Really?
BECKEL: I's wrong.
GUILFOYLE: Why? It makes perfect sense. Why reward a government that is spending carelessly, where waste abounds, more regulations, more government entities that we don't need, and then reward it saying here is an empty checkbook with everything in it just keep writing checks?
BECKEL: You think Harvey supported the war in Iraq? I think he did, didn't he? These rich people who supported the war in Iraq, do you think they take one dime of their tax dollars? We've never had a war, had a surcharge for doing that war except for Iraq. And you think these guys are willing to pay for that? They have been rewarded over and over. Buffet was right. This has been the most friendly Congress and most friendly presidency.
BOLLING: Multibillionaires saying rich people should be taxed more. As it is, Bob, 47 percent of American households, we know the number over and over don't pay a dime in federal income tax. How about the top one percent paying almost 40 percent of all tax revenue? How much more can they do? How much more can you tax wealthy people?
BECKEL: That's because they make 52 percent of the money.
PERINO: I think they would be willing to have tax reform.
BOLLING: Did you hear what he said?
BECKEL: They make more than half the money.
BOLLING: What does that have to do with the tax rate that wealthy people pay?
BECKEL: The rate ought to be higher than that.
BOLLING: It has nothing do --
PERINO: Even if you tax them at 90 percent, you wouldn't solve our problem.
GUTFELD: The problem, what Bob said is, it doesn't have any effect on his life. You can raise taxes that much because he is that rich. So he should suffer from the taxes which he doesn't have. It won't happen. So it's hypocritical of him to say that.
BOLLING: So half the country shouldn't pay a dime and that's fair?
BECKEL: If we reform tax reform, they ought to broaden the base up, more should pay, and the wealthy should pay more.
BOLLING: There you go, there you have it.
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